A Rogers investor bought a 33,882-SF shopping center in Fayetteville for nearly $3.7 million.
Zheng Lin LLC, led by Jian Fei Lin, bought Joyce Plaza at the northwest corner of Joyce Avenue and Steele Boulevard. The complex covers 3.77 acres and was formerly anchored by Buffalo Wild Wings, which recently moved across Joyce to a location adjacent to the Malco Cinema.
The seller was Joyce Plaza LLC of Little Rock, led by Pete Hornibrook. Arvest Bank of Fayetteville assisted the purchase with a loan of a little more than $2.95 million.
Springdale Warehouses
A property management firm paid nearly $2.5 million for a warehouse complex in Springdale.
Oldwire LLC of Fayetteville, led by Whitley Dunn, bought the complex at 444 Old Wire Road. Dunn is the president of Dunn Property Management, which lists the property as having 18 warehouses totaling more than 97,000 SF.
First State Bank of Fayetteville assisted the purchase with a loan of $2.125 million.
The seller was a combination of Today’s Bank, Union Bank & Trust Co. and First NaturalState Bank.
Harps Food Store
A former Harps Food Store in Elkins sold for $425,000.
Midland Properties South LLC of Rogers bought the 1.95-acre lot with a 15,328-SF building at 110 N. Center St. Midland Properties South is a subsidiary of Midland Industrial Service, a mechanical, electrical and industrial contractor that was founded in Rogers in 2010.
Harps Food Stores Inc. of Springdale was the seller.
Midland Properties South is led by Midland Industrial co-owners Joe Austin, David Stone and Kenny Williams Jr. The buyers signed a restrictive covenant with Harps in which they promised to not open or lease to a grocery store for 99 years or a pharmacy for 10 years.
Harps has a store in Elkins at 1951 N. Center, about 2 miles north of its former location.
Flying Dog Sale
Mark Zweig Inc., a property development company in Fayetteville, bought the Flying Dog Vintage Mall in Fayetteville.
Zweig paid $205,000 for the 6,355-SF retail center at 427 N. College Ave. Mark Zweig Inc. is led by founder Mark Zweig, who plans to renovate the property to serve as the new headquarters for Mark Zweig Inc.
Zweig is also chairman of the Zweig Group, an architectural and engineering consulting firm in Fayetteville. Zweig said he also plans to use the location to store his collection of automobiles and motorcycles.
The seller was the Farmers & Merchant Bank, which acquired the property when it bought the Bank of Fayetteville in 2015. The Bank of Fayetteville acquired the property in lieu of foreclosure from Packardonblock LLC, led by Atal Harshad Patel.
Hospital Land
Washington Regional Medical Center paid $1.65 million for nearly 9 acres in Fayetteville.
The land is at the southwest corner of Drake Street and North Gregg Avenue, a few blocks from the hospital. Drake Street Holdings LLC of Alma, led by Jack Alexander, was the seller.
School Purchase
Prism Education Center paid $825,000 for a 2-acre lot on East Joyce Boulevard in Fayetteville.
The property has two office buildings with a combined 9,375 SF. Prism is a private school with three campuses in Fayetteville that serves students from preschool through high school.
First Security Bank of Fayetteville assisted the purchase with a loan of $720,000. Covan LLC of Springdale, led by Gene Anderson, was the seller.
5 Dogs Buy
The founder of the northwest Arkansas restaurant chain Foghorn’s bought a 5,950-SF mixed-use building for $415,000.
5 Dogs Investments LLC of Springdale, led by Jeff Hodges, bought the property at 451 E. Township St. in Fayetteville. The seller was the James Doyle & Wilma Doris Shelton Revocable Family Trust of Fayetteville.
First National Bank of Fayetteville assisted the purchase with a loan of nearly $353,000.